Can an accountant start a family office?

Can an accountant start a family office?

by Richard C. Wilson & Family Offices Group Association Team

Question: Can an accountant start a family office?

Answer: Yes, many family office managers formerly worked as CPAs and their knowledge of complex accounting and tax rules are a huge benefit to their clients.  Similarly, CPAs are often a natural fit for running a business, which is essentially what managing a family office is, and they can easily manage the family office expenses, taxes, compliance and other issues.

Many business owners trust experienced CPAs as a source of sound advice on how to re-invest profits in a way that is relatively tax efficient while using their own knowledge on what may produce financial returns. Naturally when a business owner experiences a liquidity event and suddenly their wealth increases many fold, entrepreneurs turn to their CPAs to help them form a family office solution. This is why there are so many family office executives with accounting backgrounds.

Download our free Family Office Report to learn more about the family office industry.

Read more Frequently Asked Family Office Questions.

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